Honey landlord insurance

Get the lowdown on Honey landlord insurance and see if it sticks.

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Our verdict

  • Honey landlord insurance covers both tenant damage and rent default as standard, usually an added cost or exclusion with other providers.
  • You can choose to pay by the month or annually at no additional charge.
  • It uses satellite and third-party data to help you select the right level of cover and take a lot of the grunt work out of applying.
  • Honey currently only insures properties that have a licensed real estate or property manager.
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What does Honey landlord insurance cover?

Honey has 3 levels of landlord cover available: building insurance, contents insurance, and combined building and contents insurance. Here are some of the main insured events a policy can cover you for:

The insurance is issued by RACQ Insurance Limited and comes with a cooling-off period and excess.

The cooling-off period is 21 days which means if you decide to cancel your policy within this period, Honey will refund your premium in full. The excess is the amount you're required to pay when you make a claim and can be nominated by you at the time of application.

Here's a breakdown of Honey landlord insurance features

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Standard features

These are some of the features that Honey will cover you for if you claim for an insured event like a fire, storm or theft. Some of these inclusions (like rent default), are often only available as an add-on you need to pay extra for:

  • The cost of reconstructing your property following a natural disaster
  • Loss of rent while your home is unliveable
  • Tenant damage
  • Rental income lost plus legal expenses (after bond) if a rent default occurs
  • Clean up and repair costs following water damage
  • New for old replacement value

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Optional add-on

As an optional extra, Honey can cover loss or damage to electric motors or sealed units up to 10 years old on the property. This option includes the cost of:

  • Re-gassing an item if the electric motor is inside a sealed air-conditioning or refrigeration unit.
  • Replacing a swimming pool water pump if it's joined to an electric motor and a replacement pump motor can't be bought on its own.
  • The relevant tradesperson's installation, labour and call out fees.

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Exclusions

Like all insurers, there are certain things you won't be covered for under a landlord insurance policy. With Honey, some of these include:

  • Actions of the sea (including erosion and king tides)
  • Breaking the law
  • Pet damage
  • Pests and parasites
  • Defective or faulty workmanship
  • Deliberate or intentional acts
  • Roots and trees
  • Seepage and pollution
  • Rust and mould
  • Business operated at the property (unless listed on your Certificate of Insurance)
  • Wear and tear

Make sure you review Honey's PDS for a detailed breakdown of what is and isn't covered.

Here's the bottom line about Honey landlord insurance

Honey's policy inclusions go above and beyond the stock-standard landlord insurance policy. For example, tenant default or damage is usually an optional add-on or excluded altogether but Honey automatically includes these. You're also covered while the home is unoccupied provided you let Honey know beforehand although an additional excess does apply.

Like other insurers, it also covers design fees, demolition and removal of debris. What makes Honey stand out, however, is that it covers up to 30% above the sum insured – the industry standard is 10%. These can be unexpected and costly bills to deal with, so it's a smart inclusion in the event of a claim.

If you're still not sure about Honey, you can compare other landlord insurance companies here.

Frequently asked questions

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